Unique Beautiful Fun
09 June 2017 by Sarah-Jane Smith
sjsmith.com.au - blog
To be More Precise
Tighten Your Numbers
When you've been in business for while it can be easy to get in a bit of a rut when things are running okay. Maybe it's a case of you stick to a schedule that's no longer efficient, stay with a supplier that no longer meets all of your needs or keep on using a contractor that's no longer a good fit for your changing business. That's why it's so important to routinely do a business health check on what's working, what's not and, what could be better.
One of the easiest checks to do is a financial check. How are sales? Growing, steady or falling? When was the last time you comparison shopped for a supplier? When was the last time you increased your prices? Are you making a profit?
It's worth considering tweaking all of your financials. Imagine if you could drop your costs by 10% and raise your prices by 10%. What would that do to your bottom line? Now imagine that you could also increase your sales by 10%. If your business has gone through some changes have you adjusted your staff to reflect this?
Finding ways of being more efficient can also make a difference to your bottom line. It's not about penny pinching, it's about using your resources effectively. Do you have any surplus equipment that could be liquidated? If you have any company vehicles, are you getting the best deal? Do you need to look at refinancing any loans for a better rate? If you use fuel or loyalty cards are you getting a good return for your loyalty? When are your phone and internet contracts due for renewal? Can you get a better deal?
Tightening up your numbers is an easy way to improve your business finances and theres always at least one area where you can improve. Now schedule your next financial audit into your calendar!
Till next time,
Sarah-Jane X
